Sunday, April 21, 2024

Biden celebrates Tennessee Volkswagen plant’s vote to join UAW

BY THERESA MAHER - 04/20/24 

US President Joe Biden at the United Auto Workers (UAW) conference in Washington, DC, US, on Wednesday, Jan. 24, 2024. (Photographer: Ting Shen/Bloomberg via Getty Images)


President Biden celebrated the “historic vote” Friday for workers at a Tennessee Volkswagen plant to join the United Auto Workers (UAW) union.

“Congratulations to the workers at Volkswagen in Chattanooga, Tennessee, on their historic vote for union representation with the United Auto Workers,” Biden said Friday in a statement.

The accolades come after factory workers at the Chattanooga, Tenn., Volkswagen plant voted Friday evening to join the UAW, in a decision that could signal even further momentum in organized labor following a year of high-profile strikes and major contractual wins for workers.

“I was proud to stand alongside auto workers in their successful fight for record contracts, and I am proud to stand with auto workers now as they successfully organize at Volkswagen,” the White House statement said.

Biden became the first sitting president in U.S. history to join the picket line on behalf of UAW workers during a UAW strike last year involving the “Big Three” Detroit automakers — Ford, General Motors (GM) and Jeep-maker Stellantis.

Biden, who received the UAW’s endorsement for his reelection bid in January, has also billed himself as the “most pro-union president in American history.”

The vote’s results were announced just two days after governors for six Southern states, including Tennessee, came out against the union vote in a letter. The push posed a threat to “jobs” and “values,” the governors of Tennessee, Texas, South Carolina, Mississippi, Georgia and Alabama argued.

“As Governors, we have a responsibility to our constituents to speak up when we see special interests looking to come into our state and threaten our jobs and the values we live by,” the group wrote.


Biden slammed the letter in his statement Friday, calling it an attempt “to influence workers’ votes by falsely claiming that a successful vote would jeopardize jobs in their states.”

“Let me be clear to the Republican governors that tried to undermine this vote,” the president added. “There is nothing to fear from American workers using their voice and their legal right to form a union if they so choose.”

The Friday vote made workers at the Volkswagen Chattanooga plant “the first Southern autoworkers outside of the Big Three to win their union,” the UAW cheered in a press release announcing the vote.

The UAW also took to social media platform X to celebrate the vote’s success, writing in a post that, “Volkswagen workers just made history! #StandUpUAW.”


Factory workers vote to unionize at Tennessee Volkswagen plant

BY TOBIAS BURNS - 04/19/24 

Olivia Ross, Chattanooga Times Free Press via Associated Press, File
A “We stand with the UAW” sign appears outside of the Volkswagen plant in Chattanooga, Tenn., on Dec. 18, 2023. Workers at at the Tennessee factory are scheduled to finish voting on April 19, 2024, on whether they want to be represented by the United Auto Workers union.

Factory workers at a Volkswagen plant in Tennessee voted Friday evening to join the United Auto Workers (UAW), an election that could signal more momentum in organized labor following a year of high-profile strikes and major contractual wins for workers.

The vote at the Chattanooga plant, announced by UAW in a post on their website, was a direct challenge to states with “right to work” laws, which generally make it more difficult to unionize. Many such states are located in the South.

More than 4,000 Volkswagen workers were eligible to vote in the election, but only 84 percent — about 3,620 — employees cast ballots. Seven of them were challenged and three were voided, per a post on social media platform X from the union’s lawyer.

The UAW, which has narrowly lost two elections at the Tennessee plant over the past decade, isn’t shying away from the regional dimension of the labor fight, encouraging “Southern workers to stand up.”

“Mercedes workers in Alabama just filed for their election. And non-union autoworkers across the South are getting ready to stand up and join them,” the UAW says on its website.

Republican Southern governors came out against the union vote in a letter this week, writing that the union push threatens “jobs” and “values.”

“We have a responsibility to our constituents to speak up when we see special interests looking to come into our state and threaten our jobs and the values we live by,” the governors of Alabama, Georgia, Mississippi, South Carolina, Texas, and Tennessee wrote in a Tuesday letter.

A UAW strike last fall at the former “big three” Detroit automakers of Ford, General Motors and Stellantis saw workers secure major contractual wins including the restitution of cost of living adjustments that peg salaries to inflation, bonuses for retirees, and the elimination of wage tiers.

President Biden became the first sitting president in U.S. history to join the picket line on behalf of UAW workers during their strike.

“These historic contracts reward the autoworkers who have sacrificed so much with record raises, more paid leave, greater retirement security, and more rights and respect at work,” the White House said in a statement in November.

Labor experts have noted the historical resistance to different forms of organized labor in the South and say the Volkswagen vote is especially significant as a result.


“This is a problem they’ve had for probably close to 400 years,” Cornell University labor expert Arthur Wheaton told The Hill.

The popularity of organized labor in the U.S. is near 50-year highs, with 67 percent approving of unions in 2023, according to data by polling agency Gallup.

After a bout of high inflation following the pandemic and a cost-of-living crunch felt notably in food prices and housing costs, the UAW and other labor organizers have been seizing on this popularity to increase their influence.

“Over 10,000 non-union autoworkers have signed union cards in recent months, with public campaigns launched at VW, Mercedes in Vance, Ala., Hyundai in Montgomery, Ala., and Toyota in Troy, Mo. Workers at more than two dozen other facilities are also actively organizing,” the union said in a news release.

Steff Thomas contributed reporting.

UAW wins big in historic union vote at Volkswagen Tennessee factory









UAW wins big in historic union vote at Volkswagen Tennessee factory
Volkswagen factory workers' unionization vote results watch party in Chattanooga

Nora Eckert

Updated Fri, April 19, 2024
By Nora Eckert

CHATTANOOGA, Tennessee (Reuters) -Workers at Volkswagen's Tennessee plant have voted to join the United Auto Workers, in a seismic victory for the union as it drives beyond its Detroit base into the U.S. South and West.

A majority of eligible workers cast ballots in favor of the union, with the final tally on Friday at 2,628 to 985, or 73% for joining the UAW.

The landslide win will make the Chattanooga factory the first auto plant in the South to unionize via election since the 1940s and the first foreign-owned auto plant in the South to do so.

It is also a huge shot in the arm for UAW President Shawn Fain's campaign to unionize plants owned by more than a dozen automakers across the U.S., including Tesla. Fain, known for his aggressive bargaining tactics, and his team have committed to spending $40 million through 2026 on the effort.

Jubilant workers, some in tears, raised their arms in victory and held aloft "Union Yes" posters as the final tally came in.

"I'm exhilarated that we actually accomplished what we set out to accomplish," said VW employee Lisa Elliott as she hugged her coworkers. "Tell Mercedes they’re next," she cheered.

A Mercedes plant in Alabama, at which a majority of workers have signed cards indicating they support unionization, will be the next facility to hold a UAW election, during the week of May 13.

"You all have just done the most important thing a working class person can do, and that is stand up," Fain told workers at the count watch party.

"You guys will lead the way. We will carry this fight on to Mercedes and everywhere else," he added.

Although the UAW narrowly lost votes at the same plant in 2014 and 2019, this year's vote was preceded by surging public support for unions and successful contract negotiations last year with the Big Three automakers.

"The margin is overwhelming," said Harley Shaiken, professor of labor at the University of California, Berkeley. "This is a historic moment."

VW took a neutral position on the vote at its only non-union factory globally. The UAW has previously represented VW workers at a Pennsylvania plant that built Rabbit cars before it closed in 1988.

The UAW - which has seen its membership fall as Detroit automakers restructured - has for decades struck out at southern auto plants, where anti-union sentiment has long been entrenched. Earlier this week Republican governors in six southern states including Tennessee spoke out in opposition to the union drive.

In addition to the two narrow losses at VW previously, the UAW sustained three more significant misses at southern factories owned by Nissan, the last in 2017 in Mississippi.

But the broader labor movement has since gone through somewhat of a renaissance, with a record number of workers across various industries going on strike last year.

Last autumn U.S. President Joe Biden walked picket lines outside Detroit, where the union scored double-digit percentage raises as well as cost-of-living increases from General Motors, Ford Motor and Stellantis. That sparked a wave of hikes by non-union automakers that some analysts said were designed to keep out unions.

Biden rebuked the Republican governors after the vote, citing several union victories in recent months.

"These union wins have helped raise wages and demonstrate once again that the middle-class built America and that unions are still building and expanding the middle class for all workers," he said in a statement.

In addition to the Mercedes plant, the UAW has said that more than 30% of employees at a Hyundai plant in Alabama and at a Missouri Toyota auto parts factory have signed cards indicating they want to join the UAW.

Pro-union workers at the VW plant say they have campaigned to secure improved safety on the job, better work-life balance and improved benefits.

"Now that it’s official I can relax," said Robert Crump, who has worked at VW for 12 years, and voted yes in all three union elections. "It’s a really good feeling."

(Reporting by Nora Eckert; Editing by Peter Henderson and Edwina Gibbs)


Biden Congratulates Tennessee Auto Plant on Historic Unionization Drive

Jeremy Childs
Sat, April 20, 2024 


A Volkswagen factory in Chattanooga, Tennessee voted to unionize Friday night, the first auto manufacturing facility to unionize in the American South since the 1940s.

President Joe Biden issued a congratulations to the newly-formed union, which received 73 percent votes in favor among 3,613 workers, for “their historic vote for union representation with the United Auto Workers.”

“I was proud to stand alongside auto workers in their successful fight for record contracts, and I am proud to stand with auto workers now as they successfully organize at Volkswagen,” Biden said in a statement.


Last year, Biden oversaw historic strikes by UAW at the Big Three automakers: Ford Motor Company, General Motors, and Stellantis, resulting in massive gains for the union. United Auto Workers formally endorsed Biden for President earlier this year, along with other prominent labor unions.

Biden also condemned a letter co-signed by six Republican governors that claimed the union vote would hurt jobs in their respective states.

“Let me be clear to the Republican governors that tried to undermine this vote: there is nothing to fear from American workers using their voice and their legal right to form a union if they so choose,” Biden said.

The heavily anti-union sentiment from top state leadership among Southern states reflects the uphill battle faced by the Volkswagen union drive, which had twice been defeated as recently as 2019, the Associated Press reported. Not only is the union the first to pass a vote in the South since World War II, it is also the first foreign-owned auto manufacturer to do so in the region, according to Reuters.

In an interview with the Associated Press, UAW President Shawn Fain said the success of the Big Three bargaining and larger union movement last year has given momentum in previously non-unionized locations.

“All we’ve heard for years is ‘we can’t win here, you can’t do this in the south,’ and you can,” Fain said.

 Rolling Stone

VW workers vote for union in Tennessee in major win for organized labor

Kate Gibson
Updated Sat, April 20, 2024 
Workers at a Volkswagen plant in Chattanooga, Tennessee, voted overwhelmingly to join the United Auto Workers, becoming the first Southern autoworkers outside of the Big Three to do so in a region long resistant to unionization.

Almost three-quarters of 3,613 workers voted for UAW representation in the three-day election, the National Labor Relations Board confirmed late Friday, after announcements by the union and Volkswagen.

The outcome is huge win for the UAW, which had twice previously failed to unionize the Chattanooga facility and which has for decades faced an uphill climb organizing workers in Southern states. The vote also gives the UAW added momentum in its campaign to unionize a dozen, mostly foreign automakers in the South. The initiative follows a historic six-week strike last fall against Ford, General Motors and Stellantis that led to major wage gains.

"The real fight begins now. The real fight is getting your fair share, the real fight is the fight to get more time with your family, the real fight is to fight for our union contract," UAW President Shawn Fain told VW workers celebrating their victory at a union hall in Chattanooga.

With the victory, the Volkswagen factory becomes the only unionized foreign commercial carmaker in the U.S. It's also the first auto plant to join the UAW since its action targeting the Big Three automakers in Detroit.

"This election is big," VW worker Kelcey Smith said in a statement distributed by the UAW. "People in high places told us good things can't happen here in Chattanooga. They told us this isn't the time to stand up, this isn't the place. But we did stand up and we won. This is the time, this is the place. Southern workers are ready to stand up and win a better life."

The UAW declared victory as votes continued to be tallied, with the NLRB confirming 2,628 for and 985 opposed, or 73% to 27%. The ballot required a simple majority to pass. The results will be certified if no objections are filed within five days.

VW thanked its workers for voting in the "democratic election," the company said in a brief statement.

"Congratulations to the workers at Volkswagen in Chattanooga, Tennessee, on their historic vote for union representation with the United Auto Workers," President Biden said in a statement late Friday.

"Pivotal moment"

Despite the obstacles to organizing labor in the South, "The UAW showed last night we need to go and rethink all those negative statements that we've been telling workers that it can't be done," Sharon Block, professor and executive director the Center for Labor and a Just Economy, Harvard University Law School, said on Saturday in a call organized by the Economic Speakers Bureau.

"Companies like VW have a long legacy of going to the South to chase those lower wages. I've interviewed workers who thought it was illegal to unionize in the South," said Alex Hertel-Fernandez, associate professor of international and public affairs at Columbia University.

"This is a pivotal moment for the workers in Chattanooga, but much more broadly for workers in the South and for organized labor more generally," Harley Shaiken, a professor emeritus at the University of California, Berkeley, told CBS MoneyWatch.

The chances for a UAW win were seen as high, given that about 70% of the plant's workers pledged to vote in favor of unionization before it requested the vote, according to the union. Voting that began on Wednesday concluded Friday at 8 p.m. Eastern time.

"We are going to win this, with the support we've gotten over the past week from our co-workers, from people who were on the fence," Victor Vaughn, an employee at the plant for nearly two years and a member of the organizing committee, said before the ballots were counted. "We are very intelligent, hard workers, family-oriented and we care about our jobs. That is what we're doing throughout the South."

People celebrate while watching the vote tally at a United Auto Workers (UAW) vote watch party on April 19, 2024, in Chattanooga, Tennessee. / Credit: Elijah Nouvelage/Getty Images

Job safety and health care costs are two of the primary issues that workers at the plant hope to address, Vaughn added. At the time VW proposed an 11% wage increase late last year, workers were unaware the company planned to hike health insurance premiums 15%, Vaughn said.

"That was a shock to a lot of us," he said.

"If they can't organize at Volkswagen, you'd have to question their ability to organize at any of these Southern auto plants," John Logan, chair of labor and employment studies at San Francisco State University, told CBS MoneyWatch.

A regional foothold?

The UAW for decades has unsuccessfully attempted to organize at auto factories in the South, making progress only at a few heavy truck and bus plants in the region. The vote is the UAW's third try at the plant, where workers narrowly spurned union membership in both 2014 and 2019. The UAW was also defeated in a 2017 vote at a Nissan plant in Canton, Mississippi.

The UAW win gives the union a key foothold in the region, where organizing usually means fighting not only the company but the entire community, including the political and business establishment, Logan said.

"When we secure our contract with the UAW, I think it is going to open the door for so many other plants, Mercedes-Benz included," said Vaughn, referencing an upcoming election next month by autoworkers at Mercedes plant in Vance and Woodstock, Alabama.

Earlier in the week, the governors of six states — Alabama, Georgia, Mississippi, South Carolina, Tennessee and Texas — decried the unionization effort, saying it jeopardized jobs.

"Interest in the UAW has been fueled by spectacular gains in the Detroit Three contract talks last year. Almost all 13 of the non-union automakers have boosted wages to diminish interest in organizing and these gains are widely referred to as the 'UAW bump,' Shaiken said. "Paradoxically, automakers are confirming the UAW does deliver."

In the case of Germany's Volkswagen, which has unionized workers around the globe, the opposition to the UAW's efforts has been less fierce than those seen with other corporate entities, Logan noted.

In fact, the Chattanooga plant is Volkswagen's sole facility of about 120 globally that does not have some form of employee representation.

Fain thanked a VW German works council — an elected group of employees who collaborate with a company's management on behalf of workers — for going to bat for the UAW in its campaign in Chattanooga.

"That's what a global movement looks like, these companies are global, they take us on globally, and we have to stand together and fight back globally, and that's what we are doing now," he said.

After VW plant victory, UAW sets its sights on Mercedes in Alabama


A logo of Mercedes-Benz is seen outside a Mercedes-Benz car dealer in Brussels


By Nora Eckert
Sat, April 20, 2024 

CHATTANOOGA, Tennessee (Reuters) -The United Auto Workers has made history by winning its first unionization vote at an auto factory in the U.S. South. Now it needs to prove the success wasn't a fluke by pulling off a second victory at a Mercedes plant in Alabama next month.

UAW representatives at the VW plant also will have to show their mettle by negotiating a contract that gives workers what they have fought for - better benefits, improved safety on the job and a greater work-life balance.

The Volkswagen landslide win in Tennessee is expected to provide crucial momentum to UAW President Shawn Fain's $40 million campaign to expand the union outside Detroit to the U.S. South and West, focusing on 13 non-union auto companies, including Toyota and Tesla.

Fain, a scrappy leader who reveled in last year's fight with Detroit companies that won double-digit raises and cost-of-living adjustments, told a party of VW workers that the union would carry the fight on to Mercedes. "Let's win more for the working class all over this nation," he said.

The Mercedes plant vote, scheduled for mid-May, is expected to be a tougher fight than at VW, which took a neutral position in the vote.

Mercedes has said it respects workers' right to organize and wants them to make an informed decision. But in a letter to employees in January, it said that the union organizers "cannot guarantee you anything" and that some workers had said no to unionization because of Mercedes' competitive pay and benefits."Mercedes is running a much more aggressive anti-union campaign than Volkswagen within the plant," said John Logan, labor professor at San Francisco State University.

But he added that the large VW victory that saw 73% of eligible workers vote in favor will provide significant momentum for organizing efforts at other plants in the South.

"This will give them a huge boost for the Mercedes vote, and if they win that one, too, I wouldn't be surprised to see elections at Hyundai, Honda and Toyota over the next several months," he said.

The UAW says a "supermajority" of the roughly 5,200 eligible workers at the Mercedes assembly plant in Vance, Alabama, and a nearby battery plant in Woodstock support it. UAW policy is to push for a vote once 70% of workers have signed union cards.

Much may depend on economics and perceptions about job security. In the traditionally anti-union South where the UAW has lost several fights in the past, six Republican governors have flatly opposed the union's current campaign, describing it as risking job security since automakers face higher labor costs.

Prior to last autumn's UAW labor talks with the Detroit Three automakers, Ford officials said their U.S. labor costs were $64 an hour, compared with an estimated $55 for foreign automakers and $45-$50 for electric vehicle leader Tesla.

Workers at two other plants in the U.S. South - a Hyundai plant in Alabama and a Toyota parts factory in Missouri - have also launched organizing campaigns, with 30% of employees signing cards saying they support the UAW.

Workers at the VW plant say they will kick off meetings on Sunday to strategize on contract negotiations.

"The real fight is getting your fair share," Fain told VW workers Friday night.

VW worker Jeremy Bowman, who hopes to be on the plant's organizing committee, agreed. "The fight is just starting," he said.

(Reporting by Nora Eckert; Editing by Peter Henderson and Edwina Gibbs)


Autoworkers union celebrates breakthrough win in Tennessee and takes aim at more.

Sat, April 20, 2024 



DALLAS (AP) — The United Auto Workers' overwhelming election victory at a Volkswagen plant in Tennessee is giving the union hope that it can make broader inroads in the South, the least unionized part of the country.

The UAW won a stunning 73% of the vote at VW after losing elections in 2014 and 2019. It was the union's first win in a Southern assembly plant owned by a foreign automaker.

Union President Shawn Fain said the pundits all told him that the UAW couldn't win in the South.

“But you all said, ‘Watch this,’ ” he told a cheering group of VW organizers at a union hall in Chattanooga, Tennessee, on Friday night, when the UAW victory was clear. "You guys are leading the way. We’re going to carry this fight on to Mercedes and everywhere else.”


However, the UAW is likely to face a tougher test as it tries to represent workers at two Mercedes-Benz plants in Tuscaloosa, Alabama. A five-day election is scheduled to start May 13, where the union’s campaign has already become heated.

The UAW has accused the German carmaker of violating U.S. and German labor laws with aggressive anti-union tactics, which the company denies.

“They are going to have a much harder road in work sites where they are going to face aggressive management resistance and even community resistance than they faced in Chattanooga," said Harry Katz, a labor-relations professor at Cornell University. "VW management did not aggressively seek to avoid unionization. Mercedes is going to be a good test. It's the deeper South.”

Late last year, the UAW announced a drive to represent nearly 150,000 workers at non-union factories largely in the South. The union is targeting U.S. plants run by Toyota, Honda, Hyundai, Nissan, Subaru, Mazda, Volkswagen, Mercedes, BMW and Volvo, along with factories operated by electric-vehicle makers Tesla, Rivian and Lucid.

The union's last defeat at VW in Chattanooga came at a low-water mark — in the middle of a federal investigation into bribery and embezzlement under a previous president.

Marick Masters, a business professor at Wayne State University in Detroit who studies the UAW, said the union flipped the script by installing new leadership, touting the rich contracts it won last year from Detroit automakers after strikes at targeted factories, and exploiting a climate that is now more favorable to unions. He said the union was also adept at translating signed pro-union authorization cards into votes — partly by pushing for a quick election.

“Now the public and media eyes are going to be on Chattanooga and how quickly the UAW can translate this into a contract,” he said. If the union can't quickly get a good contract, it risks losing some of the momentum it gained with Friday's election win, he said.

Unions in other industries are already moving ahead with organizing campaigns in the South and trying to learn from the UAW's playbook.

The Association of Flight Attendants, which has tried and failed to win over cabin crews at Atlanta-based Delta Air Lines, hopes to collect enough signatures to force another election at Delta by year end. The union's president, Sara Nelson, said she was not surprised at the UAW win after strikes that led to record contracts last year.

“I've been talking about this for a long time — that strikes and taking on the boss is going to spur organizing, and that's exactly what we saw here,” Nelson said.

Nelson is trying to secure an industry-leading contract at United Airlines that she can use to court Delta crews. In the meantime, crews at startup Breeze Airways, many of whom live in the South, will vote next month whether to join her union.

The White House issued a statement from President Joe Biden congratulating the UAW. Biden — who joined a UAW picket line in Michigan during the union's strike against Ford, GM and Stellantis plants last year — praised the success of unions representing autoworkers, Hollywood actors and writers, health care workers and others in gaining better contracts.

“Together, these union wins have helped raise wages and demonstrate once again that the middle-class built America and that unions are still building and expanding the middle class for all workers,” Biden said.

Biden criticized six Southern Republican governors, including Bill Lee of Tennessee, who told autoworkers this week that voting for union representation would jeopardize jobs.

Sharon Block, a law professor at Harvard University who worked for the Biden administration on labor and other issues, said the governors’ warning rang hollow after nonunion Tesla revealed that it plans to lay off 10% of its workers after disappointing sales results. She said VW workers saw the governors' open letter as “an empty threat and a cynical ploy,” and they ignored it.

“Workers for a long time have been told that you can’t organize in the South. And many workers, even not in the South, may work in industries where they’ve been told for a long time you can’t organize,” Block said. “What the UAW showed last night is that we need to go and rethink all those negative statements."

___

Associated Press writer Gary Robertson in Raleigh, North Carolina, contributed to this report.

David Koenig, The Associated Press



TC Energy reduces pressure on pipeline segment as rupture investigation continues

The Canadian Press
Fri, April 19, 2024 


CALGARY — TC Energy Corp. says it has reduced the pressure on a segment of its NGTL pipeline system in Alberta while an investigation continues into the cause of a rupture that occurred earlier this week.

The Calgary-based pipeline company says it made the decision to reduce pressure on the segment out of an "abundance of caution," and in consultation with the Canada Energy Regulator.

The rupture that occurred on a section of the NGTL natural gas pipeline system on Tuesday sparked a wildfire northwest of Edson, Alta.

The fire, which government officials say was never a threat to surrounding communities, has since been extinguished.


The Transportation Safety Board is investigating the incident, while the Canada Energy Regulator has also been monitoring the company's response.

TC Energy says it is communicating with its customers about any impacts to service while the pipeline segment is operating with reduced pressure. The company says it is developing a repair plan for the affected segment and is evaluating timelines for the pipeline's full return to service.

This report by The Canadian Press was first published April 19, 2024.

Companies in this story: (TSX:TRP)
At least 5 companies under Elon Musk’s control billed each other around $9 million in expenses

Amanda Gerut
Sat, April 20, 2024

Tesla this week offered a slew of new information to investors ahead of its June annual shareholder meeting, including a rundown of various expenses that Elon Musk's businesses billed each other.

Among the companies where he serves as an executive, director or major stockholder, the total amount incurred from one another came to $9.1 million going back to last year, according to regulatory filings.

In 2023 and through February 2024: SpaceX paid Tesla $2.9 million; Tesla paid SpaceX $800,000; X paid Tesla $1.02 million; Tesla paid X $280,000; Tesla paid the Boring Company $1.2 million; and Tesla paid an unnamed security company owned by Musk $2.9 million. And round and round we go.

Details about the various expenses are scant. Musk’s security company billed Tesla $2.4 million in 2023 and another $500,000 through February 2024 for Musk’s own protection, which was only a portion of the total cost of his security expenses, the company said. Similarly, Tesla bought advertising on X, something Musk was always reluctant to do, and it cost $200,000 through February 2024. SpaceX invoiced Tesla $800,000 for the carmaker’s use of corporate aircraft owned by SpaceX, which it has done since 2016.


Tesla and X also incurred expenses for “certain commercial, consulting and support agreements,” that led the companies to invoice each other, the filings said. Musk has often moved executives around at his various companies as he looks to ramp up. After he bought the social network now known as X, for instance, he brought in executives with previous stints at the Boring Company, Tesla, Neuralink and artificial-intelligence startup xAI.

For a company of Tesla’s size—$460 billion in market cap, down from a more than a $1 trillion peak in 2021—the number of transactions involving companies associated with the CEO is unusual.
For the most part, Tesla’s investors, which include a large share of individual retail stockholders, have always considered Musk to be a maverick worth following, according to the company.

But Tesla is in need of a turnaround. The stock price has dropped 40% year to date and the company will potentially disappoint investors further on April 23 when it announces first-quarter earnings. Then in June, the Tesla board will ask investors to reauthorize Musk’s stock options package, valued at $45 billion, at a time when the company has shed $700 billion in value. It even launched a website for investors in support of the endeavor.

Some of that positive investor sentiment may have begun to turn. A report last week from electric vehicle and sustainable energy publication Electrek revealed that Tesla’s largest retail investor and self-described “Elon Fanboy” Leo Koguan would oppose Musk’s pay package in the June shareholder vote. Koguan is also reported to be withholding support from two board members up for reelection: Musk’s brother Kimbal Musk and James Murdoch, son of the media tycoon Rupert Murdoch.

Koguan is the founder of private IT company SHI International, and according to the report, he’s invested $3.5 billion in Tesla. Yet Koguan couldn’t get a meeting with the board to discuss his concerns about Tesla operating in the realm of public companies when it looks much more like a family-owned private enterprise.

This story was originally featured on Fortune.com
A coffee roastery in Finland has launched an AI-generated blend. The results were surprising

Sat, April 20, 2024 



HELSINKI (AP) — An artisan roastery based in the Finnish capital has introduced a coffee blend that has been developed by artificial intelligence in a trial in which it's hoped that technology can ease the workload in a sector that traditionally prides itself on manual work.

It is only apt that the Helsinki-based Kaffa Roastery’s “AI-conic” blend was launched this week in Finland, a Nordic nation of 5.6 million that consumes the most coffee in the world at 12 kilograms per capita annually, according to the International Coffee Organization.

The blend — an AI-picked mixture with four types of beans dominated by Brazil’s velvety Fazenda Pinhal — is the end result of a joint project by Kaffa, Finland’s third-biggest coffee roastery, and local AI consultancy Elev.

“Leveraging models akin to ChatGPT and Copilot, the AI was tasked with crafting a blend that would ideally suit coffee enthusiasts’ tastes, pushing the boundaries of conventional flavor combinations," Elev said.

Kaffa Roastery’s managing director and founder Svante Hampf told The Associated Press on Saturday that the two partners wanted to trial how AI and its different tools could be of help in coffee roasting, a traditional artisan profession highly valued in Finland.

“We basically gave descriptions of all our coffee types and their flavors to AI and instructed it to create a new exciting blend,” said Hampf, while showcasing “AI-conic” at the Helsinki Coffee Festival that annually brings together roasteries and coffee aficionados.

In addition to coming up with its chosen mixture of beans from Brazil, Colombia, Ethiopia and Guatemala, AI created the coffee package label and a detailed taste description saying “AI-conic” is “a well balanced blend of sweetness and ripe fruit.”

Hampf acknowledged he was surprised that AI “somewhat weirdly” chose to make the blend out of four different type of coffee beans, rather than the usual two or three which allows distinction in taste between flavors from different origins.

After the first test roasting and blind testing, Kaffa’s coffee experts agreed, however, that the tech-assisted blend was perfect, and there was no need for human adjustments.

According to Elev’s spokesman Antti Merilehto “AI-conic is a tangible example of how AI can introduce new perspectives to seasoned professionals” while offering coffee lovers new taste experiences.

Kaffa Roastery hopes the trial serves as an opener of dialogue between coffee professionals of things to come in the future in Finland, a nation that has both a strong coffee culture and a passion for technology with a flourishing startup scene.

“This (trial) was the first step in seeing how AI could help us in the future,” Hampf said, adding the project brought smoothly together “the artisan skills of a roastery” and AI-provided data. “I think AI has plenty to offer us in the long run. We are particularly impressed of the coffee taste descriptions it created.”

Jari Tanner, The Associated Press
Morning sickness? Prenatal check-ups? What to know about new rights for pregnant workers

The Canadian Press
Sat, April 20, 2024 



Pregnant employees have the right to a wide range of accommodations under new federal regulations for enforcing the Pregnant Workers Fairness Act that supporters say could change workplace culture for millions of people.

The Equal Employment Opportunity Commission, the agency in charge of enforcing the law, adopted an expansive view of conditions related to pregnancy and childbirth in its proposed regulations, including a controversial decision to include abortion, fertility treatment and birth control as medical issues requiring job protections.

The rules, which were adopted on a 3-2 vote along partisan lines, were published Monday and offer extensive guidelines for addressing more routine difficulties of pregnancy, such as morning sickness, back pain and needing to avoid heavy lifting. Labor advocates say the law will be especially transformative for pregnant women in low-wage jobs, who are often denied simple requests like more bathroom breaks.

Here's what to know about the law and the EEOC regulations.


WHAT IS THE PREGNANT WORKERS FAIRNESS ACT?

Congress passed the law with bipartisan support in December 2022 following a decade-long campaign by women's rights and labor advocates, who argued that the 1978 Pregnancy Discrimination Act did little to guarantee women would receive the accommodations they might need at work.

The law stated only that pregnant workers should be treated the same as other employees, not that they deserved special consideration. To get their requests met, many pregnant workers therefore needed to demonstrate they had physical limitations covered under the Americans With Disabilities Act, often creating insurmountable hurdles.

The new law treats pregnancy and related conditions as themselves deserving of “reasonable accommodations” and places the burden on employers to prove “undue hardships” for denying any requests.

The law applies to employers of at least 15 workers. The EEOC estimates it will cover roughly 1.5 million pregnant workers in any given year. The EEOC regulations published April 15 are set to go into effect in June.

WHAT ARE WORKERS ENTITLED TO?

The EEOC's 400-page document encompasses a wide array of conditions and relevant advice for employers.

It states that workers are entitled to unpaid time off for situations such as prenatal appointments, fertility treatments, abortion, miscarriage, postpartum depression and mastitis, an infection that arises from breastfeeding. This includes workers who are not covered by federal family leave laws and those who have not been on the job long enough to accrue time off.

Workers can ask for flexible working arrangements to deal with morning sickness, such as a later start time, clearance to work from home or permission to carry snacks in workplaces where eating is typically prohibited. If they can't sit or stand for extended periods due to sciatica, which is common in late pregnancy, they can request a schedule adjustment so their commutes happen during less crowded hours.

The regulations also allow workers to be exempted from tasks such as climbing ladders or heavy lifting. If those duties are essential to their jobs, they can still request a temporary dispensation, according to the EEOC.

Employers don’t have to accommodate workers exactly as requested but they must offer reasonable alternatives. They cannot deny a request without clearing a high bar to prove doing so would cause “undue hardships” for the organization’s finances or operations. They cannot force workers to take unpaid leave if a reasonable accommodation is available.

HOW SHOULD WORKERS REQUEST ACCOMMODATIONS?

The EEOC emphasizes that it “should not be complicated or difficult” for pregnant workers to request accommodations. Workers don't have to make requests in writing, use specific words, cite any laws, or in most cases, provide documentation such as doctors' notes. Employers must respond quickly and have a conversation about how to reasonably accommodate a worker’s needs.

Still, legal experts advise both workers and employers to document the process. A Better Balance, the non-profit that spearheaded the 10-year campaign for the law's passage, advises workers to familiarize themselves with their legal rights and be as specific as possible about their limitations and the changes they they need.

Workers who believe a request was denied illegally can file a complaint with the EEOC. They have 180 days to do so, though the deadline can be extended in some states.

WHAT DO THE EEOC RULES SAY ABOUT ABORTION?

The EEOC included abortion among the conditions covered under the law. The rules state, however, that employers are not obligated to cover expenses related to the procedure or to offer health insurance that does.

The EEOC regulations argue that including abortion is consistent with the agency's longstanding interpretation of other laws under Title VII of the 1964 Civil Rights Act, including the Pregnancy Discrimination Act.

But the decision drew condemnation from Republican lawmakers who had championed the law's passage. The five-member EEOC's two Republican members voted against the regulations.

In a statement explaining her dissent, Commissioner Andrea Lucas said the agency broadened the scope of the law “to reach virtually every condition, circumstance, or procedure that relates to any aspect of the female reproductive system" in ways that "cannot reasonably be reconciled with the text" of the law.

Melissa Losch, a labor and employment attorney at the New Orleans-based firm McGlinchey Stafford, said she expects the regulations to give rise to further litigation. Losch cited the example of a worker living in a state with a restrictive abortion law requesting time off to undergo the procedure in another state. The EEOC rules provide “no good answer” about whether granting such a request would conflict with restrictive state abortion laws, she added.

ARE WORKERS IN TEXAS COVERED?

On February 27, a federal judge blocked enforcement of the Pregnant Workers Fairness Act for Texas state employees, a ruling that came in response to a lawsuit filed by Texas Attorney General Ken Paxton. Paxton argued the law was unconstitutional because it was part of a spending bill that passed in the House without a majority of members present, and the judge ruled in his favor.

Gedmark, of A Better Balance, said she was optimistic the Biden administration would prevail in its expected appeal of the ruling. In the meantime, federal and private sectors workers in Texas are covered by the law.

But in her dissenting statement, Lucas warned that if the Texas case or any future lawsuits succeed in overturning the law, the EEOC's divisive rules have “all but extinguished” the chances of a bipartisan effort to reenact it.

WHAT HAS THE LAW'S IMPACT BEEN SO FAR?

Employers have been obligated to abide by the Pregnant Workers Fairness Act since it took effect on June 27, 2023, though the EEOC regulations provided guidance on how to do so.

The law swiftly made a difference to many low-wage workers, according to Gedmark.

A Better Balance, which operates a helpline, has “heard an overwhelmingly positive experience from workers,” she said. Last summer, the organization worked with some women whose employers stopped resisting requests for accommodations as soon as the law took effect, Gedmark said.

Some workers reported their employers were still operating under the old legal framework, handing them pages of disability paperwork to fill out in response to requests.

The EEOC said it received almost 200 complaints alleging violations of the law by the time the fiscal year ended on Sept. 30, 2023.

Gedmark said the success of the law will depend on enforcement and raising awareness.

“If workers don’t know about the law and don’t know about their rights, then it really undermines the purpose of the law,” she said.

____

The Associated Press’ women in the workforce and state government coverage receives financial support from Pivotal Ventures. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

Alexandra Olson And Claire Savage, The Associated Press
The House votes for possible TikTok ban in the US, but don't expect the app to go away anytime soon

Sat, April 20, 2024



WASHINGTON (AP) — The House passed legislation Saturday that would ban TikTok in the United States if the popular social media platform's China-based owner doesn’t sell its stake within a year, but don't expect the app to go away anytime soon.

The decision by House Republicans to include TikTok as part of a larger foreign aid package, a priority for President Joe Biden with broad congressional support for Ukraine and Israel, fast-tracked the ban after an earlier version had stalled in the Senate. A standalone bill with a shorter, six-month selling deadline passed the House in March by an overwhelming bipartisan vote as both Democrats and Republicans voiced national security concerns about the app’s owner, the Chinese technology firm ByteDance Ltd.

The modified measure, passed by a 360-58 vote, now goes to the Senate after negotiations that lengthened the timeline for the company to sell to nine months, with a possible additional three months if a sale is in progress.

Legal challenges could extend that timeline even further. The company has indicated that it would likely go to court to try and block the law if it passes, arguing it would deprive the app’s millions of users of their First Amendment rights.


TikTok has lobbied hard against the legislation, pushing the app’s 170 million U.S. users — many of whom are young — to call Congress and voice opposition. But the ferocity of the pushback angered lawmakers on Capitol Hill, where there is broad concern about Chinese threats to the U.S. and where few members use the platform themselves.

“We will not stop fighting and advocating for you,” TikTok CEO Shou Zi Chew said in a video that was posted on the platform last month and directed toward the app’s users. “We will continue to do all we can, including exercising our legal rights, to protect this amazing platform that we have built with you.”

The bill’s quick path through Congress is extraordinary because it targets one company and because Congress has taken a hands-off approach to tech regulation for decades. Lawmakers had failed to act despite efforts to protect children online, safeguard users’ privacy and make companies more liable for content posted on their platforms, among other measures. But the TikTok ban reflects widespread concerns from lawmakers about China.

Members of both parties, along with intelligence officials, have worried that Chinese authorities could force ByteDance to hand over American user data or direct the company to suppress or boost TikTok content favorable to its interests. TikTok has denied assertions that it could be used as a tool of the Chinese government and has said it has not shared U.S. user data with Chinese authorities.

The U.S. government has not publicly provided evidence that shows TikTok shared U.S. user data with the Chinese government or tinkered with the company’s popular algorithm, which influences what Americans see.

The company has good reason to think a legal challenge could be successful, having seen some success in previous legal fights over its operations in the U.S.. In November, a federal judge blocked a Montana law that would ban TikTok use across the state after the company and five content creators who use the platform sued.

In 2020, federal courts blocked an executive order issued by then-President Donald Trump to ban TikTok after the company sued on the grounds that the order violated free speech and due process rights. His administration brokered a deal that would have had U.S. corporations Oracle and Walmart take a large stake in TikTok. The sale never went through for a number of reasons; one was China, which imposed stricter export controls on its technology providers.

Dozens of states and the federal government have put in place TikTok bans on government devices. Texas’ ban was challenged last year by The Knight First Amendment Institute at Columbia University, which argued in a lawsuit that the policy was impeding academic freedom because it extended to public universities. In December, a federal judge ruled in favor of the state.

Organizations such as the American Civil Liberties Union have backed the app. “Congress cannot take away the rights of over 170 million Americans who use TikTok to express themselves, engage in political advocacy, and access information from around the world,” said Jenna Leventoff, a lawyer for the group.

Since mid-March, TikTok has spent $5 million on TV ads opposing the legislation, according to AdImpact, an advertising tracking firm. The ads have included a range of content creators, including a nun, extolling the positive impacts of the platform on their lives and arguing a ban would trample on the First Amendment. The company has also encouraged its users to contact Congress, and some lawmakers have received profanity-laced calls.

“It is unfortunate that the House of Representatives is using the cover of important foreign and humanitarian assistance to once again jam through a ban bill that would trample the free speech rights of 170 million Americans, devastate 7 million businesses, and shutter a platform that contributes $24 billion to the U.S. economy, annually,” said Alex Haurek, a spokesman for the company.

California Rep. Ro Khanna, a Democrat, voted against the legislation. He said he thinks there could have been less restrictive ways to go after the company that wouldn't result in a total ban or threaten free speech.

“I think it’s not going to be well received,” Khanna said. “It’s a sign of the Beltway being out of touch with where voters are.”

Nadya Okamoto, a content creator who has roughly 4 million followers on TikTok, said she has been having conversations with other creators who are experiencing “so much anger and anxiety” about the bill and how it’s going to impact their lives. The 26-year-old, whose company “August” sells menstrual products and is known for her advocacy around destigmatizing menstrual periods, makes most of her income from TikTok.

“This is going to have real repercussions,” she said.

___

Hadero reported from New York.

Mary Clare Jalonick And Haleluya Hadero, The Associated Press


TikTok Divest-or-Ban Bill Expected to Become US Law in Days

Steven T. Dennis and Alex Barinka
Sat, April 20, 2024 





(Bloomberg) -- The US House on Saturday put legislation forcing TikTok’s Chinese parent ByteDance Ltd. to divest its ownership stake on a fast track to become law, tying it to a crucial aid package for Ukraine and Israel.

A massive lobbying effort led by TikTok Chief Executive Officer Shou Chew failed to overcome a bipartisan coalition worried about the app’s collection of data on more than 170 million Americans — and the potential for the Chinese government to use it to disseminate propaganda.

The broad legislation, which passed on a 360 to 58 vote, also would place new restrictions on data brokers selling information to foreign adversaries and authorize the confiscation of frozen Russian assets to aid Ukraine.

The Senate is expected to vote on the measure next week and President Joe Biden has said he will sign the legislation.

“This bill protects Americans and especially America’s children from the malign influence of Chinese propaganda on the app TikTok. This app is a spy balloon in Americans’ phones,” said bill author Michael McCaul, a Texas Republican.

Opponents of the bill like Senator Rand Paul, a Kentucky Republican, could still try to strip out the TikTok measure in the Senate, but such efforts aren’t likely to be successful.

ByteDance intends to exhaust all legal challenges before it considers any kind of divestiture if the TikTok ban becomes law, according to people familiar with the matter.

“It is unfortunate that the House of Representatives is using the cover of important foreign and humanitarian assistance to once again jam through a ban bill that would trample the free speech rights of 170 million Americans, devastate 7 million businesses, and shutter a platform that contributes $24 billion to the U.S. economy, annually,” a TikTok spokesperson said Saturday.

Years of scrutiny over TikTok’s connection to China spans presidential administrations, political parties and arms of the government. Former President Donald Trump tried to ban the app via an executive order that was set aside under Biden, whose administration oversaw a review by the Committee for Foreign Investment in the United States.

Multiple bipartisan ban bills were proposed in Congress and then forgotten. The divest-or-ban framework seems to have finally threaded the needle.

The legislation passed Saturday gives ByteDance nearly a year to divest itself of the social media platform, with 90 of those days subject to a presidential waiver — longer than the six-month time frame in a version of the legislation the House passed earlier this year.

That extended deadline means TikTok won’t have to divest or be shut down before the election, to the dismay of some lawmakers who say they worry China could use the app to meddle in US politics.

TikTok rose to prominence during the pandemic as a place to share entertaining, short videos without the expectation of perfection that hangs over apps like Instagram. It’s algorithmically-curated feed tailored based on peoples’ interests — not who they follow — was a new, captivating way to scroll on social media. That idea has since been copied by Meta and Alphabet’s YouTube.

TikTok has argued that the legislation would violate the First Amendment and pointed to their spending $1.5 billion-plus on data privacy efforts to try to allay national security concerns. TikTok has brought creators and small business owners to the US Capitol to argue they say would suffer economic losses without TikTok.

They’ve also encouraged users to call their lawmakers to urge them to vote against the bill. The company hired well-known lobbyists to try and sway lawmakers. So far, none of it has been enough.

 Bloomberg Businessweek

HIP CAPITALI$M

Blackstone Makes New $1.5 Billion Proposal to Buy Hipgnosis

Michael Msika
Sun, April 21, 2024 


(Bloomberg) -- Private equity firm Blackstone Inc. made a new proposal worth about $1.5 billion to purchase Hipgnosis Songs Fund Ltd., topping a bid made last week by music rights investor Concord.

The company made an improved, fourth proposal on Saturday to acquire the entire issued and to-be-issued share capital of Hipgnosis at a price of $1.24 per share in cash, the company said in a statement. The improved offer is about 7% higher than Concord’s bid.

“Blackstone strongly encourages the board of Hipgnosis to recognise the significant increase in value available to all shareholders under the terms of its fourth proposal, over the $1.16 as set out in the Concord offer, and to work with Blackstone to reach agreement on a unanimously recommended firm offer in an expeditious manner,” Blackstone said.

Hipgnosis said Sunday that its board intends to recommend Blackstone’s proposal, should the private equity company announce a firm intention to make an offer, and that it is providing Blackstone access to conduct due diligence.

Sky News reported earlier that Blackstone had made prior offers for Hipgnosis, a London-listed music rights investment company which owns song catalogs from Blondie, the Red Hot Chili Peppers and Neil Young, among others.

Previous offers from Blackstone included bids at 82 and 88 pence per share, Sky said, less than the 93.2 pence-per-share bid unveiled on Thursday from Concord, a music rights investment company backed by rival Apollo Global Management. The improved offer from Blackstone, which is being advised by investment bank Jefferies, is equivalent to about 100 pence per share.

Shares of Hipgnosis have surged about 30% since the Concord offer and closed at 91.9 pence on Friday, slightly below its offer price.

“Blackstone strongly encourages the Board of Hipgnosis to recognise the significant increase in value available to all shareholders under the terms of its Fourth Proposal, over the $1.16 as set out in the Concord Offer, and to work with Blackstone to reach agreement on a unanimously recommended Firm Offer in an expeditious manner,” Blackstone said.

Hipgnosis’ board on Thursday unanimously agreed to a deal with Concord, stating it’s unlikely that the share price will increase to reflect the company’s performance because of “numerous company-specific and certain market issues.”

Given there is no certainty Blackstone will make a firm offer, the board continues to currently back Concord’s offer, the firm said Sunday.

Read more: Hipgnosis Songs Fund Cuts Asset Value on Accounting Error

The deal capped a period of turmoil for the troubled fund, after a strategic review concluded in March that its assets were worth significantly less than Hipgnosis Song Management, its investment adviser, had reported last September. Blackstone owns a stake in HSM, which has a contract to manage the fund’s assets.

--With assistance from Simon Lee.


Record Store Day celebrates indie retail music sellers as they ride vinyl's popularity wave



Sat, April 20, 2024



PHOENIX (AP) — Special LP releases, live performances and at least one giant block party are scheduled around the U.S. Saturday as hundreds of shops celebrate Record Store Day during a surge of interest in vinyl and the day after the release of Taylor Swift's latest album.

There were no announced Record Store Day specials for the arrival of Swift's “The Tortured Poets Department” on Friday, but her fans always anxiously look forward to the new albums and accompanying collectible LPs.

In suburban strip malls and big city downtowns, indie record stores are often the first to recognize and promote emerging artists. Years before Swift was setting Grammy records and selling out concerts in Japan, Bull Moose Music in Portland, Maine, was giving away one of her autographed guitars in an enter-to-win contest.

“We were carrying her music before all the big stores. We always knew she would be a star,” said Chris Brown of employee-owned Bull Moose and a co-founder of Record Store Day.

A wave of interest in physical records, especially LPs, has helped keep the independent stores going, Brown said. And LPs have gotten a huge boost from Swift, who has been dubbed the “Vinyl Queen” for releases of her work in limited physical record offerings with specialized content and striking covers.

The Recording Industry Association of American said in its 2023 year end report that revenues from vinyl records grew 10% to $1.4 billion last year. That was the 17th consecutive year of growth and accounted for 71% of physical format revenues.

WHAT IS RECORD STORE DAY
?

Record Store Day is a celebration of the estimated 1,400 independent record stores in the U.S. and thousands more worldwide that endure long after the demise of megastores like Tower Records.

While most people stream their music on services such as Spotify and Apple Music, old-school LPs remain popular for collectors who prefer the packaging and the listening experience of records.

“For me, records sound better than any CD,” said Michael Iffland, a 70-year-old retiree who was considering some Beatles singles at the Tracks in Wax record store in Phoenix. “It's just cool having a record in your hand, looking at the cover graphics and listening to that wonderful sound.”

HOW DID RECORD STORE DAY START?


Owners and employees of the independent stores came up with the idea at a gathering in 2007 as a way to draw attention to their unique culture on the third Saturday of April.

The first Record Store Day was on April 19, 2008, and cities around the U.S. later declared the celebration an official holiday, including New York City, Los Angeles and Las Vegas.

“For us, records have never gone out of style,” said Waric Cameron, co-owner of Josey Records in Dallas.

“It's the biggest day of the year for us,” added his business partner, Luke Sardello. “It's like the Super Bowl of record stores.”

Jamal Alnasr, owner of Village Revival Records in New York’s Greenwich Village, called Record Store Day “one of my biggest money growers of the year. People even camp outside the night before.”

WHAT'S BEING PLANNED THIS YEAR?

Record Store Day is typically marked by special vinyl and CD releases and various promotional products and events featuring artists and labels. Metallica spent hours on the first Record Store Day meeting fans at Rasputin Music in the San Francisco Bay area.

Jesse “Boots Electric” Hughes of Eagles of Death Metal was declared a Record Store Day ambassador in 2009 and a string of other artists followed in subsequent years, including Ozzy Osbourne, Iggy Pop, Jack White, Fred Armisen, as well as Swift in 2022.

There were 387 planned releases announced for this year's Record Store Day.

Paramore, the event's 2024 ambassador, will have a pair of physical releases of the digital album that featured celebrity remixes from songs on its 2023 “This is Why” album.

Rock band Pearl Jam will release 15,000 copies of a “Dark Matter” LP, with a ghostly black and yellow cover. Icelandic-American traditional pop singer Laufey will offer up 4,200 copies of “A Night at the Symphony,” a live album recorded in Reykjavík with the Iceland Symphony Orchestra.

In some cases, the record itself will serve as a canvas. Death Cab for Cutie will release 2,500 copies of its “Live at the Showbox” on pink marble vinyl. Fleetwood Mac will have a limited edition of its hugely popular “Rumours,” still a top seller since its 1977 release, with a photograph of the album cover featuring Stevie Nicks and Mick Fleetwood stamped on the vinyl.

“People get really excited and look forward to the releases,” said Tracks in Wax owner Tim Stamper, who always orders a few. “It's more important for us than Christmas.”

Jeff Maimon, 38, who was in the store on a visit from Chicago, said Record Store Day “was always a very special day. It's all about the excitement of standing outside and waiting in line to see what kind of specials you can get.”

A giant block party with 14 live performances is planned Saturday at Vinyl Tap in Nashville, Tennessee, owner Todd Hedrick said. The performers will include Lzzy and Joe of Halestorm and The Watson Twins.

“We'll shut down the street, bring in five or six food trucks,” along with about 25 vendors, Hedrick said.

“And it coincides with our other favorite holiday, 4/20,” Hedrick added, referring to marijuana-oriented celebrations held annually on April 20.

WHAT ABOUT THE QUEEN OF VINYL?


Swift, who is credited by fans and record stores alike with igniting new interest in vinyl LPs, has not announced any special releases for this Record Store Day.

The hugely popular Swift set a new record this year when she won a fourth album of the year award at the Grammy Awards for “Midnights.” She previously had been tied with Frank Sinatra, Stevie Wonder and Paul Simon with three albums.

Swift’s re-recorded “1989 (Taylor's Version)” last year became the first album to sell more than 1 million vinyl LPs within a calendar year in the U.S. Her “Midnights” album in 2022 became the first major album release to have its vinyl sales outpace CDs since 1987.

___

AP video journalist Kendria LaFleur in Dallas contributed reporting.

Anita Snow, The Associated Press
Multilateral development banks eye up to $400 billion more lending over 10 years


FILE PHOTO: A man takes a photograph of exchange rates in front of an exchange point, displaying images of different currencies, in Cairo

Sat, April 20, 2024 
By Marcela Ayres

WASHINGTON (Reuters) -The Inter-American Development Bank on Saturday said leaders of 10 multilateral development banks committed to take action in five critical areas, including additional lending headroom totaling $300-400 billion over the next decade.

The effort comes amid growing calls for these institutions to boost financing under favorable conditions to developing countries, which face greater challenges in climate transition and are more affected by the environment of higher global interest rates.

"Together, we will be able to achieve more, with greater impact and on a larger scale," said IDB President, Ilan Goldfajn.


Following a retreat held in Washington at the IDB headquarters, on the sidelines of the International Monetary Fund and World Bank spring meetings, the MDBs said the agreed plan involves "joint steps to work more effectively as a system," as reported by Reuters on Wednesday.

The group includes institutions such as the World Bank Group, the New Development Bank, the Asian Infrastructure Investment Bank, the European Investment Bank, and the African Development Bank.

The IDB said in a statement that the increased financing capacity will be supported by the offer of innovative financial instruments and by promoting the channeling of the IMF's Special Drawing Rights (SDRs) through MDBs.

The IDB also foresaw actions "providing more clarity on callable capital, which would help rating agencies better assess the value of callable capital."

The MDBs also committed to boosting action on climate change, envisioning the delivery of a common approach to measuring climate results on adaptation and mitigation, and reporting climate financing jointly.

The other pillars of work agreed upon on Saturday include strengthening country-level collaboration and co-financing, catalyzing private-sector mobilization, and enhancing development effectiveness and impact.

(Reporting by Marcela Ayres; editing by Dan Burns and Diane Craft)
IMF's Gopinath says high U.S. deficits fueling growth, higher interest rates

Sat, April 20, 2024 

Fourth day of the International Monetary Fund and the World Bank meeting in Marrakech


By David Lawder

WASHINGTON (Reuters) -The United States needs to raise revenues to bring down high budget deficits even though they are helping to fuel global growth by stoking domestic U.S. demand, International Monetary Fund First Deputy Managing Director Gita Gopinath said on Saturday.

Gopinath told a fiscal forum at the IMF and World Bank spring meetings that U.S. deficits are projected to rise for years with one of the world's steepest curves for debt.

"The high levels of deficits are also supporting growth and demand in the U.S. that have positive spillover to the rest of the world," Gopinath said. "But along with that growth, you're getting higher interest rates and a stronger dollar and the second two are creating more complications for the world."


The IMF's fiscal monitor estimates that the U.S. deficit for 2024 will reach 6.67% of GDP, rising to 7.06% in 2025 - double the 3.5% in 2015.

Gopinath said that the IMF's annual "Article IV" review of U.S. economic policies in coming weeks will again recommend that the U.S. raise tax revenues and reform its costly Social Security and Medicare programs for older Americans to bring down deficits.

The review will largely repeat its U.S. policy prescriptions from last year, when the U.S. Congress was in the throes of a standoff over raising the federal debt ceiling, which threatened a potential default that would have roiled global financial markets.

Gopinath said the IMF would again recommend that the U.S. find a way to approve government funding without debt ceiling brinkmanship.

"It is certainly a risk nobody needs to have to deal with," Gopinath said. "This happens every year. There has to be a way to resolve this brinkmanship."

Asked about the prospects for a widespread debt crisis in developing countries, Gopinath said: "We don't see a systemic debt crisis happening any time soon."

Although there are still a number of low-income countries that are facing debt distress, she said financial market conditions have improved somewhat, with some frontier market countries recently returning to markets to borrow.

(Reporting by David Lawder; Editing by Andrea Ricci)